Category

Daily Briefs

Jul 25
0

Daily Brief Japan: Toyota Motor, Pacific Industrial, Canon Marketing Japan, Kasumigaseki Hotel REIT, Pca Corp, TSE Tokyo Price Index TOPIX and more

By | Daily Briefs, Japan

In today’s briefing:

  • Toyota (7203 JP) Surges 14% — A Contrarian Option Strategy
  • [Japan M&A] Nikkei Reports Pacific Industrial (7250) To Go Private Via MBO at ¥110bn
  • Canon Marketing Japan (8060 JP): 1H FY12/25 flash update
  • Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics
  • Pca Corp (9629 JP): Q1 FY03/26 flash update
  • The Data Also Shows that Companies with Low Stock Valuations Are Increasingly Using Share Buybacks

Toyota (7203 JP) Surges 14% — A Contrarian Option Strategy

By Gaudenz Schneider

  • Context: On 23 July 2025, Toyota Motor (7203 JP) surged 14.3%, driven by macro factors tied to tariffs. This Insight examines how that sharp move affected the stock’s volatility surface.
  • Key Observations: Implied volatility spiked to extreme percentiles, with two-week IV hitting the 99th–100th percentile. Skew dynamics show otm calls becoming historically rich relative to puts.
  • Opportunity: Elevated implied volatility and historically flat skew present an attractive setup for a zero-cost option strategy.

[Japan M&A] Nikkei Reports Pacific Industrial (7250) To Go Private Via MBO at ¥110bn

By Travis Lundy

  • Overnight, the Nikkei carried an article saying Toyota valve supplier Pacific Industrial (7250 JP) would go private at a 40% premium in an MBO. 
  • The implied price would match its ATH, but would remain far below book value, which is disappointing for a company with a very strong customer base and market share.
  • This is potentially blockable, but it would need to be activism from scratch I think. An activist or collection of them would need about 18-20% to block this deal.

Canon Marketing Japan (8060 JP): 1H FY12/25 flash update

By Shared Research

  • Sales rose 4.7% YoY, driven by IT solutions business growth; net income declined 6.4% YoY due to absent extraordinary gain.
  • CMJ revised FY12/25 forecasts: operating profit to JPY57.0bn (+7.3% YoY), recurring profit to JPY58.0bn (+6.6% YoY).
  • IT solutions sales projected to grow YoY, with a 7% increase in SI services and 10% in outsourcing.

Kasumigaseki REIT Pre-IPO: Peer Comparison – Small Is Size but Matching Its Peers on Other Metrics

By Nicholas Tan

Pca Corp (9629 JP): Q1 FY03/26 flash update

By Shared Research

  • In Q1 FY03/26, the company reported revenue of JPY4.0bn (+2.4% YoY) and net income of JPY348mn (-23.5% YoY).
  • Revenue from cloud services increased 15.6% YoY to JPY2.5bn, while maintenance services revenue decreased 16.0% YoY.
  • The company forecasts FY03/26 revenue of JPY17.7bn (+8.9% YoY) and net income of JPY1.9bn (+9.0% YoY).

The Data Also Shows that Companies with Low Stock Valuations Are Increasingly Using Share Buybacks

By Aki Matsumoto

  • Data suggests that share buybacks/share cancellations are expected to have positive effect on ROE/ROA, while companies with low valuations increasingly utilize share buybacks as a measure to raise stock prices.
  • Overseas investors share the value that companies should have business plans for growth and return surplus cash after investment to shareholders. There’s gap between investors and companies inn this value.
  • More effective approach would be to require management to fulfill accountability by explaining fundamentals of returning unused cash to shareholders and disclosing business plans if they wish to retain cash.

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Jul 24
0

Daily Brief Energy/Materials: Hyosung Corporation, Venture Global LNG, Kinder Morgan, Chevron Corp, Copper, BHP Group Ltd, New Zealand Energy, ADF Group and more

By | Daily Briefs, Energy & Materials Sector

In today’s briefing:

  • Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)
  • Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
  • Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!
  • Chevron Just Won Big: What Its $53 Billion Hess Acquisition & Legal Victory Over Exxon Really Mean!
  • Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy
  • BHP Battling Rising Costs, Production Challenges
  • New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki gas storage
  • DRX: Signs Five-Year Contract for $35-40M Annually

Korea’s Div Tax Overhaul Playbook: Payout Growers Set for Momentum (Screened in Excel)

By Sanghyun Park

  • Korea’s first full-scale tax reform in 3 years sets the stage for rate tweaks and deduction shifts—follow-up amendment bills usually get fast-tracked with high legislative priority.
  • Dividend tax tweak could be the biggest near-term mover—eligibility widens, but tax cut shrinks. Focus shifts to names hiking payout, not just high-yielders—key for positioning.
  • I screened target names with FY1/FY2 payout data and narrowed to KRW 1T+ stocks showing ≥10% YoY payout growth—likely short-term momentum plays ahead of the tax overhaul.

Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

By IPO Boutique

  • Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
  • In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
  • Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.

Kinder Morgan: Haynesville Gas Gathering Expansion for Robust Growth Potential In Pipeline Utilization!

By Baptista Research

  • Kinder Morgan Inc. (KMI) delivered quarterly results that highlighted notable financial performance and forwardlooking business prospects, especially in the context of the growing international demand for natural gas.
  • Positively, Kinder Morgan reported strong financial growth, with adjusted EBITDA and EPS increasing by 6% and 12% respectively compared to the second quarter of 2024.
  • The company expects to exceed its budget for 2025, buoyed by the promising acquisition of Outrigger Energy.

Chevron Just Won Big: What Its $53 Billion Hess Acquisition & Legal Victory Over Exxon Really Mean!

By Baptista Research

  • Chevron has officially closed its $53 billion acquisition of Hess Corporation following a decisive arbitration victory over ExxonMobil, marking one of the most consequential moves in the global oil and gas sector this decade.
  • The long-disputed deal had been mired in uncertainty due to Exxon’s contractual claims over Hess’s stake in the Guyana oil fields—a globally significant resource discovery with multi-decade production potential.
  • However, a panel of international arbitrators sided with Chevron and Hess, clearing the way for the transaction to proceed.

Real Asset Chartbook Week #15: Copper Stocks, Railroad Mergers, and the History of US Trade Policy

By Massif Capital Research

  • Our commentary this week is more limited and slightly disjointed, as we are not seeing any clear narratives or themes to focus on.
  • Here are a few charts that caught our attention in flipping this week’s chartbook.
  • Our tactical breadth charts, specifically for metals and mining stocks, suggest that a reversal of the recent rise may be in the cards.

BHP Battling Rising Costs, Production Challenges

By FNArena

  • BHP Group’s fourth quarter operational report resulted in record iron ore and copper production for FY25.
  • Weaker commodity pricing and delays at Jansen potash provided negative offsets

New Zealand Energy Corp. (TSX-V: NZ): Equity raise to progress Tariki gas storage

By Auctus Advisors

  • • New Zealand Energy (NZE) has raised C$3 mm of new equity priced at C$0.18 per share.
  • The proceeds of the raise will fund the desktop studies required to prepare the field development plan, derisking the gas storage project ahead of expected monetization within the next 12 months.
  • It will also fund the repayment of the convertible note.

DRX: Signs Five-Year Contract for $35-40M Annually

By Atrium Research

  • What you need to know: • ADF secured a five-year Québec energy contract for $35M-$40M annually, with a five-year extension option, totalling nearly $400M.
  • • The deal diversifies revenue outside the U.S. and adds long-term, recurring income, reducing exposure to market cyclicality.
  • • Q2 financials will be released in September, we are expecting revenue of $58.2M, 22% gross margin, and EBITDA of $10.0M.

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Jul 24
0

Daily Brief Industrials: Japan Post Holdings, Doosan Corp, CK Hutchison Holdings, Korea Fuel Tech, General Electric , 3M Co, Fastenal Co, Virgin Australia Holdings, Contemporary Amperex Technology (CATL), Vestas Wind Systems A/S and more

By | Daily Briefs, Industrials

In today’s briefing:

  • StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”
  • Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade
  • CK Hutchison (1 HK): State of Limbo as Exclusivity Deadline Approaches
  • Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp
  • GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!
  • 3M’s Power Moves Against Tariffs & FX Shocks: What Is Its Survival Strategy!
  • Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?
  • Can Virgin Succeed This Time?
  • A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium
  • Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”

By David Blennerhassett

Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade

By Brian Freitas

  • A doubling of the stock price over the last 3 months could lead to Doosan Corp (000150 KS) being included in a global index in August.
  • Doosan Corp (000150 KS) has outperformed its peers over the last few months and now trades at a huge valuation premium to its peer group.
  • The stock is 17% off its recent highs and that provides an opportunity for a relative value trade heading into the index inclusion event.

CK Hutchison (1 HK): State of Limbo as Exclusivity Deadline Approaches

By Arun George

  • The 145-day exclusivity period between CK Hutchison Holdings (1 HK) and the BlackRock-TiL consortium for the politically charged ports deal ends on July 27.
  • The transaction is in limbo as China’s preferred pathway for approval (COSCO is included in the consortium as an equal partner) has several issues.
  • It is equally probable that the deal will be finalised in some shape or form or fall apart. With shares up 31% and nearing a five-year high, take profits. 

Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp

By Douglas Kim

  • Korea Fuel Tech (123410 KS) is the 41st company in our Korea Small Cap Gem Series. 
  • Korea Fuel Tech (FT) Corp is a Korean automotive components manufacturer specializing in emissions control systems, fuel system parts, and other auto plastic parts.
  • Three key investment highlights include key beneficiary of growing demand for carbon canisters used in hybrid vehicles, compelling valuations, and sharp increase in operating margins/ROE. 

GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!

By Baptista Research

  • General Electric Company (GE) Aerospace’s second quarter of 2025 earnings report reflects a robust performance and a constructive outlook characterized by growth in revenue, profits, and operational efficiencies.
  • The company continues to leverage its strong position within the aerospace industry, both in commercial and defense sectors, to sustain and enhance its performance metrics.
  • In the reported quarter, GE Aerospace exhibited solid growth across several financial parameters.

3M’s Power Moves Against Tariffs & FX Shocks: What Is Its Survival Strategy!

By Baptista Research

  • 3M Company’s recent earnings presentation highlighted a mixed performance across different metrics, reflecting both strides in operational efficiency and challenges from macroeconomic factors.
  • With an adjusted earnings per share of $2.16, up 12% year-over-year and surpassing expectations, 3M reported a solid quarter.
  • Organic sales growth of 1.5% showed a third consecutive quarter of growth across all business groups, demonstrating some resilience despite external challenges.

Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?

By Baptista Research

  • Fastenal Company’s Q2 2025 results demonstrated a notable blend of achievements and challenges.
  • The quarter marked a milestone with sales exceeding $2 billion for the first time, reflecting an 8.6% year-over-year increase.
  • This growth, the strongest since early 2023, primarily stemmed from strategic market share gains, effective execution of the company’s strategic plan, and incremental pricing actions aimed at countering supply chain cost pressures.

Can Virgin Succeed This Time?

By FNArena

  • Virgin Australia ((VGN)) is back for another go (which brings the name into question), having entered administration as a result of covid before being revived under private equity ownership.
  • Australia’s second airline has returned to listed life with a simplified portfolio and strategy that, Ord Minnett believes, should resonate well with investors attracted to the relatively high quality/low risk Australian domestic aviation market.
  • The broker sees a compelling earnings outlook into FY26, with relatively stable fares, falling fuel expenses, and transformation benefits. 

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

By Sumeet Singh

  • With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
  • In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
  • Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.

Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

By Baptista Research

  • Vestas Wind Systems A/S has presented its Q1 2025 financial results, showcasing substantial growth and areas of concern.
  • The company’s revenue for the quarter was 3.5 billion EUR, representing a 29% increase year-onyear, fueled by increased activity and higher average pricing in Power Solutions.
  • The EBIT margin was marginally positive at 0.4%, attributed to revenue growth and improved project profitability despite typical low seasonal activity.

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Jul 24
0

Daily Brief Utilities: China Water Affairs and more

By | Daily Briefs, Utilities Sector

In today’s briefing:

  • Lucror Analytics – Morning Views Asia

Lucror Analytics – Morning Views Asia

By Leonard Law, CFA

  • In today’s Morning Views publication we comment on developments of the following high yield issuers: China Water Affairs, Rakuten Group, Nickel Industries
  • UST yields declined for a third straight day, albeit there were few macro catalysts. The yield on the 2Y and 10Y UST declined 3 bps each to 3.83% and 4.35%, respectively. Equities were mixed, as tech stocks retreated ahead of their earnings releases next week.
  • The S&P 500 rose 0.1% to 6,310, while the Nasdaq declined 0.4% to 20,893.

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Jul 24
0

Daily Brief TMT/Internet: Topcon Corp, NetEase , Gcl Poly Energy Holdings Limited, iShares MSCI China ETF, ASML Holding NV, Texas Instruments, Bilibili , GCI Liberty Class A, Beeks Financial Cloud Group and more

By | Daily Briefs, TMT/Internet

In today’s briefing:

  • [7732 JP] KKR–JIC Take-Private of Topcon: Strategic Bet on Digital Eye Care
  • Tencent/Netease: Zero Approval in July
  • GCL Tech (3800): Why Wait?
  • More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China
  • ASML: An Insight Into Its Recent Technological Advancements In EUV & High NA Lithography!
  • TXN: Good Results, Decent Guidance, the Stock Tanks -13%. The Market Didn’t like the New Narrative.
  • [Bilibili Inc. (BILI US, BUY, TP US$24) TP Change]: C2Q25 Preview: New Game Emerged for 4Q Launch
  • GCI Liberty Spin-off Deep Dive
  • Hybridan Small Cap Feast: 14/07/2025

[7732 JP] KKR–JIC Take-Private of Topcon: Strategic Bet on Digital Eye Care

By Rahul Jain

  • KKR and JIC Capital launched a ¥348B (~$2.3B) MBO for Topcon (7732 JP) at ¥3,300/share, offering an ~88% premium.
  • The deal implies ~78x FY25 P/E and ~37x FY26E P/E—pricing in Eye Care’s high-margin growth while Positioning remains a cyclical drag.
  • Long term, Eye Care is well-positioned to scale globally as AI diagnostics and SaaS platforms unlock sustained double-digit growth.

Tencent/Netease: Zero Approval in July

By Ke Yan, CFA, FRM

  • China announced game approval for the July batch. The number of games approved remained at a higher level than 2023.
  • The pace of China game approval appears to have accelerated to the same level as pre-tightening.
  • In July, 7 listed companies that we tracked received zero domestic game approval. Having said that, overall sentiment is improving and gaming names have performed well YTD.

GCL Tech (3800): Why Wait?

By Henry Soediarko

  • Suffering from overcapacity for a while, the company is a beneficiary of the Chinese government policy to consolidate the solar industry. 
  • At 0.6x PBR and a share price at HKD 1.3, far from its high at HKD 4, sounds like a bargain. 
  • Management has conducted one share buy back this year and share price rallied afterwards. 

More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.
  • SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.

ASML: An Insight Into Its Recent Technological Advancements In EUV & High NA Lithography!

By Baptista Research

  • ASML Holding recently reported its financial results for the second quarter of 2025, demonstrating strong performance amidst a backdrop of macroeconomic and geopolitical uncertainty.
  • The company reported total net sales of EUR 7.7 billion, reaching the upper end of its guidance range.
  • This was driven by successful revenue recognition of one High Numerical Aperture (NA) system and additional upgrade business, with net system sales amounting to EUR 5.6 billion.

TXN: Good Results, Decent Guidance, the Stock Tanks -13%. The Market Didn’t like the New Narrative.

By Nicolas Baratte

  • 2Q25 results beat Consensus by 5%. 3Q guidance is close to Consensus, so you can’t call that a disappointment.
  • Very different tone. 1Q management was confident of a cyclical recovery and accelerating growth in 2H25. Now, we have lower growth in 3Q, more disclaimers, 2Q was “too hot” .
  • The stock was trading at 38x 2025 EPS and 32x 2026 before earnings, a bit of disappointment does crash the stock -13%. This can take weeks to settle down.

[Bilibili Inc. (BILI US, BUY, TP US$24) TP Change]: C2Q25 Preview: New Game Emerged for 4Q Launch

By Ying Pan

  • Local news reported that <Project: Three Kingdom Ncard>, a derivative card game of its <Three Kingdom MDTX> IP, might be released in C4Q25. 
  • <Ncard> fills the air pocket in BILI’s game pipeline. We thus raised BILI’s TP from US$22.0 to US$ 24.0 and maintain BUY rating.
  • We thus raised BILI’s TP from US$22.0 to US$ 24.0 and maintain BUY rating.

GCI Liberty Spin-off Deep Dive

By Richard Howe

  • In anticipation of its merger with Charter Communications (CHTR), Liberty Broadband (LBRDA/LBRDK) spun off its Alaska telecom business (GCI Liberty).
  • Liberty shareholders received 0.20 shares of GCI Liberty common stock per Liberty Broadband common share. Regular way trading starting on July 15, 2025.
  • GCI Liberty is the leading telecom provider in Alaska. The remoteness and harshness of the Alaskan landscape provides a moat around its business.

Hybridan Small Cap Feast: 14/07/2025

By Hybridan

  • A cloud computing and connectivity provider for financial markets announced the signing of approximately $10m of Proximity Cloud contracts in June and provided an update on trading for the year ended 30 June 2025 (FY25).
  • Results for FY25 are expected to once more demonstrate significant double-digit growth on the prior year, driven by a strong performance across Beeks’ Private, Proximity and Exchange Cloud offerings.
  • Revenue for FY25 is expected to have increased by approximately 25% to £35.5m (30 June 2024: £28.5m), with underlying EBITDA growth of 29% to £13.8m (30 June 2024: £10.7m) and underlying profit before tax growth of 41% to £5.5m (30 June 2024: £3.9m). 

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Jul 24
0

Daily Brief Thematic (Sector/Industry): Ohayo Japan | Wall Street Rises on Trade Hopes; Tesla Misses and more

By | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

  • Ohayo Japan | Wall Street Rises on Trade Hopes; Tesla Misses, Alphabet Beats
  • HK Strategy: Finding the Gems in 1H25 HK IPOs
  • Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech
  • Healthcare’s Challenge: Antimicrobial Resistance
  • Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

Ohayo Japan | Wall Street Rises on Trade Hopes; Tesla Misses, Alphabet Beats

By Mark Chadwick

  • U.S. stocks rose on trade optimism, Tesla missed earnings but reaffirmed product plans, while Alphabet beat estimates on strong ad and cloud growth, highlighting AI’s growing impact.
  • Japan-US tariff agreement drives rally: Trump announces 15% reciprocal tariffs, Japan commits $550 billion US investment, auto tariffs reduced to 15%
  • Listed Japanese companies are forecast to post an average ROE of 8.5% for FY2025, the lowest in five years

HK Strategy: Finding the Gems in 1H25 HK IPOs

By Osbert Tang, CFA

Japan Morning Connection: US Liking JP and Expected EU Trade Deals, Expect Flows Back in Tech

By Andrew Jackson

  • Big capex plans for Google and good numbers for SK Hynix setting strong tone for AI related.
  • Momo names slid yesterday, although Ishiba heading for door may pressure heavies further.
  • Autos squeezed hard yesterday, but there should be more upside for names with elevated SI still.

Healthcare’s Challenge: Antimicrobial Resistance

By FNArena

  • Antimicrobial resistance (AMR) is often framed as a public health crisis.
  • But for investors, it represents a systemic, underappreciated risk that can quietly erode value across sectors and portfolios.
  • As bacteria and viruses evolve to resist treatment, the effectiveness of antibiotics diminishes. 

Semi Key Indicators Q2 2025: PC, Smartphone Unit Shipments, Global Semi & WFE Sales All Looking Good

By William Keating

  • According to Gartner, PC unit shipments increased 4.1% YoY in Q225 to reach 63.2 million
  • According to IDC, smartphone unit shipments grew 1% YoY in the second quarter, reaching 295.2 million units
  • Global semi sales were up 20% YoY in May while SEMI now expects YoY growth in WFE spending of 7.5% in 2025 and a further 10% in 2026

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Jul 24
0

Daily Brief Health Care: GNI Group, Beijing Sinotau International Pharmaceutical Technology, Carlsmed, Cleanspace Holdings Ltd, PMV Pharmaceuticals , Monogram Orthopaedics and more

By | Daily Briefs, Healthcare

In today’s briefing:

  • GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
  • Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
  • Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue
  • Cleanspace Holdings Ltd – Innovator in a specialised global market
  • PMV Pharmaceuticals: Evaluating Cash Position and Strategic Options Amid Upcoming Trial Results and Shareholder Pressure
  • MGRM: Monogram to be acquired by large medical device company Zimmer Biomet.

GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks

By Nicholas Tan

  • GNI Group (2160 JP) is looking to raise around US$100m from a primary placement (after upsize).
  • The deal is a small one, representing 2.4 days of the stock’s three month ADV, despite being 9.0% of total shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player

By Ke Yan, CFA, FRM

  • Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.
  • In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.
  • We also look at the company’s pre-IPO investors and management team.

Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue

By IPO Boutique

  • Carlsmed, Inc. (CARL) priced a full-size deal of 6.7mm shares at $15.00 (midpoint of the range) and opened at $15.00.
  • There were concerns with the color coming from the book as the underwriters failed to provide price guidance to investors the day of pricing on the deal.
  • Given that the deal “broke” on day one, we believe investors “may” be turned off by the company in the short term.

Cleanspace Holdings Ltd – Innovator in a specialised global market

By Research as a Service (RaaS)

  • CleanSpace Holdings Ltd (ASX:CSX) is a designer and manufacturer of respiratory protection equipment and consumables.
  • Specialising in powered air purifying respirators (PAPRs), CleanSpace is known for its compact, lightweight, ergonomic units that do away with the need for belts and hoses to provide filtered air to workers.
  • A scan through competitor websites reveals that belt and hose units remain the dominant design, providing CSX with a real opportunity to take market share (RaaS estimates CSX has ~1.2% of the global industrial market in FY25).

PMV Pharmaceuticals: Evaluating Cash Position and Strategic Options Amid Upcoming Trial Results and Shareholder Pressure

By Special Situation Investments

  • PMVP’s market cap is $72m, with $166m in cash as of Q1, offering substantial discount to net cash.
  • Interim trial results for rezatapopt, targeting p53 Y220C mutation, expected soon; ORR of 30%+ seen as success.
  • Shareholder pressure significant, with 36% voting against board compensation; potential for strategic review if results disappoint.

MGRM: Monogram to be acquired by large medical device company Zimmer Biomet.

By Zacks Small Cap Research

  • Monogram Technologies (NASDAQ: MGRM) is a medical device company developing a product solution architecture to enable patient-optimized orthopedic implants at scale by linking 3D printing and robotics with advanced pre-operative imaging.
  • On 5/17/25, the company received clearance from the FDA on its 510(k) submission for its mB s TKA System.
  • The first live in patient surgery OUS is expected in 2025.

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Jul 24
0

Daily Brief ECM: GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks and more

By | Daily Briefs, ECM

In today’s briefing:

  • GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks
  • Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform
  • Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade
  • Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player
  • Pre-IPO Boxihe Outdoor Sports Group – The Concerns Behind the High Growth
  • Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue
  • NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue
  • A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

GNI Placement: Easy to Digest but Not Without Small Cap Pharma Risks

By Nicholas Tan

  • GNI Group (2160 JP) is looking to raise around US$100m from a primary placement (after upsize).
  • The deal is a small one, representing 2.4 days of the stock’s three month ADV, despite being 9.0% of total shares outstanding.
  • In this note, we will talk about the placement and run the deal through our ECM framework.

Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

By IPO Boutique

  • The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
  • Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
  • The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.

Venture Global (VG) Six Month Summary: Failed IPO Shows How Fast Wall Street Love Can Fade

By IPO Boutique

  • Venture Global, Inc.’s IPO was one of the largest capital raises of the year, pulling in $1.75 billion through the sale of 70 million shares at $25.00 per share.
  • In the months following the IPO, the performance worsened. By April, Venture Global shares had plunged to a low of $6.75, marking a staggering 73% decline from its IPO price.
  • Regaining credibility will require not only strong quarterly results but also a sustained effort to rebuild institutional confidence.

Sinotau (先通医药) Pre-IPO: A Niche Radiopharmaceutical Player

By Ke Yan, CFA, FRM

  • Sinotau, a China-based clinical-stage biotech, is looking to raise at least USD 100 million via a Hong Kong listing. The book runner is CICC.
  • In this insight, we look at the company’s core products, XTR008, XTR006, XTR004, and XTR003, including its mechanism and clinical data.
  • We also look at the company’s pre-IPO investors and management team.

Pre-IPO Boxihe Outdoor Sports Group – The Concerns Behind the High Growth

By Xinyao (Criss) Wang

  • Based on the successful application of self-developed technology, Boxihe has embarked on a completely opposite path to international brands, highlighting the “cost-effectiveness” in outdoor sports industry, thus achieving high growth.
  • Creating the next blockbuster and diversifying product portfolios greatly test Boxihe’s operational capabilities, with some uncertainties. Boxihe may face the troubles of finding a new growth point in long term.
  • Performance growth could remain high in the short term. Post-money valuation after Series B Financing reached RMB2.8 billion.Valuation of Boxihe could be higher than Li Ning but lower than Anta.

Carlsmed Inc. (CARL): MedTech Makes Uninspiring Debut, Opens Flat and Trades Below Issue

By IPO Boutique

  • Carlsmed, Inc. (CARL) priced a full-size deal of 6.7mm shares at $15.00 (midpoint of the range) and opened at $15.00.
  • There were concerns with the color coming from the book as the underwriters failed to provide price guidance to investors the day of pricing on the deal.
  • Given that the deal “broke” on day one, we believe investors “may” be turned off by the company in the short term.

NIQ Global Intelligence (NIQ): Another Private Equity Bust, IPO Closes Nearly Two Points Below Issue

By IPO Boutique

  • NIQ Global priced a full-size offering of 50.0mm shares at $21.00 and opened at $20.25 for a loss of 3.6%. 
  • This company is private equity–backed by Advent International. PE-backed companies often are a more difficult sell due to the high level of debt these companies carry.
  • Typically, “broken IPOs” have an overhang in the short term and we see a scenario where this plays out in this case. 

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

By Sumeet Singh

  • With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
  • In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
  • Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.

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Jul 24
0

Daily Brief Industrials: Japan Post Holdings, Doosan Corp, CK Hutchison Holdings, Korea Fuel Tech, General Electric , 3M Co, Fastenal Co, Virgin Australia Holdings, Contemporary Amperex Technology (CATL), Vestas Wind Systems A/S and more

By | Daily Briefs, Industrials

In today’s briefing:

  • StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”
  • Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade
  • CK Hutchison (1 HK): State of Limbo as Exclusivity Deadline Approaches
  • Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp
  • GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!
  • 3M’s Power Moves Against Tariffs & FX Shocks: What Is Its Survival Strategy!
  • Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?
  • Can Virgin Succeed This Time?
  • A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium
  • Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

StubWorld: Japan Post Holdings (6178 JP) Is “Cheap”

By David Blennerhassett

Doosan Corp (000150 KS): Global Index Inclusion & A Relative Value Trade

By Brian Freitas

  • A doubling of the stock price over the last 3 months could lead to Doosan Corp (000150 KS) being included in a global index in August.
  • Doosan Corp (000150 KS) has outperformed its peers over the last few months and now trades at a huge valuation premium to its peer group.
  • The stock is 17% off its recent highs and that provides an opportunity for a relative value trade heading into the index inclusion event.

CK Hutchison (1 HK): State of Limbo as Exclusivity Deadline Approaches

By Arun George

  • The 145-day exclusivity period between CK Hutchison Holdings (1 HK) and the BlackRock-TiL consortium for the politically charged ports deal ends on July 27.
  • The transaction is in limbo as China’s preferred pathway for approval (COSCO is included in the consortium as an equal partner) has several issues.
  • It is equally probable that the deal will be finalised in some shape or form or fall apart. With shares up 31% and nearing a five-year high, take profits. 

Korea Small Cap Gem #41: Korea Fuel Tech (FT) Corp

By Douglas Kim

  • Korea Fuel Tech (123410 KS) is the 41st company in our Korea Small Cap Gem Series. 
  • Korea Fuel Tech (FT) Corp is a Korean automotive components manufacturer specializing in emissions control systems, fuel system parts, and other auto plastic parts.
  • Three key investment highlights include key beneficiary of growing demand for carbon canisters used in hybrid vehicles, compelling valuations, and sharp increase in operating margins/ROE. 

GE Aerospace’s New Focus: How LEAP Engine Retrofits & $4B in Services Could Up Their Game!

By Baptista Research

  • General Electric Company (GE) Aerospace’s second quarter of 2025 earnings report reflects a robust performance and a constructive outlook characterized by growth in revenue, profits, and operational efficiencies.
  • The company continues to leverage its strong position within the aerospace industry, both in commercial and defense sectors, to sustain and enhance its performance metrics.
  • In the reported quarter, GE Aerospace exhibited solid growth across several financial parameters.

3M’s Power Moves Against Tariffs & FX Shocks: What Is Its Survival Strategy!

By Baptista Research

  • 3M Company’s recent earnings presentation highlighted a mixed performance across different metrics, reflecting both strides in operational efficiency and challenges from macroeconomic factors.
  • With an adjusted earnings per share of $2.16, up 12% year-over-year and surpassing expectations, 3M reported a solid quarter.
  • Organic sales growth of 1.5% showed a third consecutive quarter of growth across all business groups, demonstrating some resilience despite external challenges.

Fastenal Company: Will Its Expansion Of E-commerce Capabilities Help Them Up The Ante?

By Baptista Research

  • Fastenal Company’s Q2 2025 results demonstrated a notable blend of achievements and challenges.
  • The quarter marked a milestone with sales exceeding $2 billion for the first time, reflecting an 8.6% year-over-year increase.
  • This growth, the strongest since early 2023, primarily stemmed from strategic market share gains, effective execution of the company’s strategic plan, and incremental pricing actions aimed at countering supply chain cost pressures.

Can Virgin Succeed This Time?

By FNArena

  • Virgin Australia ((VGN)) is back for another go (which brings the name into question), having entered administration as a result of covid before being revived under private equity ownership.
  • Australia’s second airline has returned to listed life with a simplified portfolio and strategy that, Ord Minnett believes, should resonate well with investors attracted to the relatively high quality/low risk Australian domestic aviation market.
  • The broker sees a compelling earnings outlook into FY26, with relatively stable fares, falling fuel expenses, and transformation benefits. 

A/H Premiums & Recent Listings Performance-Changing Trends but Quality Matters More than the Premium

By Sumeet Singh

  • With a spate of A/H listings already done in the first half and a lot more in the pipeline, we look at some of the trends from the recent listings.
  • In this note, we will also talk about how the A/H premiums have moved since our last note in March 2025.
  • Overall, recent A/H listings have somewhat reversed the trend of past A/H listings not doing much in the near term, with a few exceptions.

Vestas Wind Systems: Initiation Of Coverage- An Insight Into Offshore Wind Market Dynamics & Key Growth Levers!

By Baptista Research

  • Vestas Wind Systems A/S has presented its Q1 2025 financial results, showcasing substantial growth and areas of concern.
  • The company’s revenue for the quarter was 3.5 billion EUR, representing a 29% increase year-onyear, fueled by increased activity and higher average pricing in Power Solutions.
  • The EBIT margin was marginally positive at 0.4%, attributed to revenue growth and improved project profitability despite typical low seasonal activity.

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Jul 24
0

Daily Brief Technical Analysis: More Breakouts and Risk-On Developments; Monitoring Rotations: Miners and more

By | Daily Briefs, Technical Analysis

In today’s briefing:

  • More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

More Breakouts and Risk-On Developments; Monitoring Rotations: Miners, Retail, Lithium, China

By Joe Jasper

  • We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
  • Short-Term supports on the SPX include the 20-day MA (currently 6233), 6200, 6100-6150, and 6028-6059, with additional supports at 5804-5854 and 5700-5785. Buy pullbacks to these areas.
  • SPX has not closed below its 20-day MA for two months, but even when it does, all we would expect to happen is for a new, less-steep uptrend to form.

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